Sunlight Development Acquires Cobble Hill Development Site for $29.5M

Queens-based developer Sunlight Development has acquired a development site at 350 Hicks Street in Brooklyn’s Cobble Hill neighborhood for $29.5 million, according to transaction reports.

The property was purchased from Madison Realty Capital, which previously acquired the site as part of a larger assemblage tied to the redevelopment of the former Long Island College Hospital campus.

Brokers Dan O’Brien, Adam Spies, and Adam Doneger of Newmark represented both parties in the transaction.

While development plans for the property have not yet been disclosed, the site was previously proposed for a residential project totaling roughly 150 condominium units under earlier ownership.

Part of the Former LICH Redevelopment Area

The site sits near the former Long Island College Hospital (LICH) campus, which closed in 2014 and has since become the focus of multiple redevelopment projects in Cobble Hill and surrounding neighborhoods.

The property itself previously served as a parking garage supporting the hospital campus before the structure was demolished, leaving the parcel vacant for future development.

Several nearby parcels associated with the former hospital campus have also traded in recent years as developers pursue new residential projects in the neighborhood.

Active Development Environment in Cobble Hill

Cobble Hill and surrounding neighborhoods including Brooklyn Heights, Boerum Hill, and Carroll Gardens, remain among Brooklyn’s most desirable residential markets.

Limited development sites combined with strong housing demand have continued to attract investors seeking opportunities to develop new residential projects in the area.

Recent activity includes multiple transactions tied to the redevelopment of former institutional properties and underutilized sites across the neighborhood.

Final Thoughts

The acquisition of 350 Hicks Street highlights continued investor interest in rare development sites within established Brooklyn residential neighborhoods.

With limited available land and strong long-term housing demand across brownstone Brooklyn, redevelopment opportunities such as the Cobble Hill site are likely to remain highly sought after by developers and investors.

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